Turkish Airlines posts record $939 Q3 profit

ISTANBUL, 28 days
ago

Turkish Airlines posted a record net profit of $939 million for the third quarter of this year, as a result of the financial discipline and dynamic demand management applied since the beginning of 2017, the airline said.

The successful third quarter marked a 23 per cent increase in total revenues compared to the same period of 2016, reaching $3.6 billion. The 9-month total revenues reached $8.2 billion, an 8 percent increase.

According to Turkish Airlines 2017 Q3 financial results, the margin of its earnings before interest, taxes, depreciation and amortization (EBITDA) increased 90 percent to $1.5 billion. The 41 percent EBITDA margin confirms the airline’s position amongst the most profitable airlines of the industry, it said.

“The net profit recorded in 2017 Q3, clearly demonstrates our capacity to generate cash,” Turkish Airlines chairman of the board and the executive committee İlker Aycı said. “As the Turkish Airlines family with our common aim to become one of the leading five star airlines of the world, we will continue this growth trend without ever compromising form our service quality. As largest exporter of Turkey, our march will continue to position Istanbul as a major hub for international airport” he added.

Turkish Airlines reached the highest September occupancy rate during the past five years with 81.5 percent occupancy. The airline’s occupancy increased by 17 percent compared to Q3 of 2016, with the airline serving 21.3 million passengers. The 9-month average occupancy reached 79 percent, taking the total to 52 million passengers. – TradeArabia News Service